Saxo Bank has just announced its latest monthly trading volumes for November 2017. Several of the group’s segments saw a healthy increase during November with the total monthly volume hitting a fresh 2017 high of $388.3 billion.
The results are somewhat surprising given the relatively subdued nature of markets during November. This proved to be of no consequence for Saxo Bank, which saw its latest total trading volumes swell by 18.2 percent on a month-over-month basis from $328.5 billion in October 2017.
Over a yearly timetable, this figure lags behind November 2016 by 2.9 percent. This is attributed to the highly volatile nature of this monthly period, which saw Donald Trump’s surprise electoral win jolt markets. Meanwhile, average daily trading volumes were reported at $17.7 billion per day in November 2017, relative to just $14.9 billion per day in October 2017.
FX volumes bucking retail trends
These figures are both reflective of yearly highs for the Danish broker as well as the strongest readings since November 2016. Looking into specific asset classes, FX volumes managed to score a strong increase on a month-over-month basis, despite rather tranquil markets.
FX markets were largely dictated by actions in the United States and by extension the USD, with uncertainty surrounding a landmark tax bill championed by the Trump administration and the Republican Party. Consequently, volatility was noticeably lower amidst a period of deliberation as the historic bill hung in the balance for much of the month.
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Saxo Bank reported a total monthly FX volume of $278.2 billion in November 2017, up 16.9 percent month-over-month from $237.9 billion in October 2017. This growth was an exception in the retail industry with other brokers registering static or in some cases declining FX volumes.
Saxo Bank’s FX volumes in November were also the second best yearly performance for the group since January 2017. Average daily volumes were also pointed upwards, jumping to $12.6 billion traded per day, an increase of 16.7 percent month-over-month from $10.8 billion in October 2017.
Looking ahead, FX volumes are expected to be even higher in December, as the aforementioned tax bill has already garnered the votes necessary for inevitable passing. Moreover, a previous bombshell report was brought to light last week, surrounding Michael Flynn’s interaction with the FBI over Russian collusion and triggering movement in the USD.
Equities see monthly jump
The performance was somewhat mixed in other segments however, with Saxo Bank’s commodities volumes remaining largely static in November. The group saw a total of $29.8 billion in monthly volume, down 6.0 percent month-over-month from $31.7 billion in October 2017.
The Danish broker’s equities volumes registered one of the strongest gains of any segment in November. In total Saxo’s November 2017 equities figures surged to $68.5 billion for the month, its highest reading of the year – this corresponded to a 35.4 percent month-over-month increase.